THE SHAW GROUP

HomeWho We AreWhat We DoInvestor RelationsCareers

News Release

Printer Friendly VersionView printer-friendly version
<<Back
Shaw Awarded Two Nuclear Power Plant Contracts
    BATON ROUGE, La.--(BUSINESS WIRE)--Sept. 2, 2004--
  Company Wins Decommissioning Support Project for Connecticut Yankee
     Plant and Power Uprate Engineering Support for Constellation
                       Generations' Ginna Plant

The Shaw Group Inc. (NYSE: SGR) today announced that its subsidiary, Stone & Webster Construction, Inc., has been awarded a contract to provide decommissioning construction labor and management services by Connecticut Yankee Atomic Power Company for the decommissioning of the Connecticut Yankee Atomic Power Plant, located in Haddam Neck, Connecticut. The contract value is estimated at $20 million.

In addition, Shaw's Stone & Webster unit has been awarded a contract by Constellation Generation Group (NYSE:CEG) to provide engineering support to uprate the licensed power level of Constellation's Ginna nuclear plant from 1,520 MWt to 1,775 MWt. This work will include preparation and supporting analysis for an amendment to the plant's current U.S. Nuclear Regulatory Commission License plus engineering for necessary plant modifications to achieve the increased power level. The Ginna facility is located north of Rochester, New York.

Michael P. Childers, President of Shaw's Engineering, Construction and Maintenance Division, said, "With these two new awards, Shaw Stone & Webster continues its leadership role as a provider of premier services to the nuclear power industry. We are pleased to have the opportunity to demonstrate our diverse nuclear capabilities and expertise to these two new distinguished clients."

A major provider of nuclear services in the United States, Shaw Stone & Webster has furnished engineering support to more than 90 percent of the nation's nuclear facilities and is the domestic leader in the supply of multi-station contract maintenance, decommissioning and plant restart construction services.

The Connecticut Yankee nuclear power plant began commercial operation in 1968 and produced more than 110 billion kilowatt-hours of electricity during its 28-year operating history. Decommissioning of the facility is being completed in accordance with a plan approved by the U.S. Nuclear Regulatory Commission. Additional information about the decommissioning of the Connecticut Yankee plant is available at www.connyankee.com.

Constellation Energy Group, a Fortune 500 company based in Baltimore, Maryland, is the nation's leading competitive supplier of electricity to large commercial and industrial customers and one of the nation's largest wholesale power sellers. Constellation Energy also manages fuels and energy services on behalf of energy intensive industries and utilities. It owns and operates a diversified fleet of 35 power plants in 12 states. Constellation delivers electricity and natural gas through the Baltimore Gas and Electric Company, its regulated utility in Central Maryland. In 2003, the combined revenues of the integrated energy company totaled $9.7 billion. Additional information about Constellation is available at www.constellation.com.

The Shaw Group Inc. is a leading provider of consulting, engineering, construction, remediation and facilities management services to government and private sector clients in the environmental, infrastructure and emergency response markets. The Shaw Group is also a vertically integrated provider of comprehensive engineering, consulting, procurement, pipe fabrication, construction and maintenance services to the power and process industries worldwide. A Fortune 500 company with $3.3 billion in revenues in 2003, The Shaw Group debuted on the magazine's "America's Most Admired Companies" list in 2004. Shaw is headquartered in Baton Rouge, Louisiana and employs approximately 16,000 people at its offices and operations in North America, South America, Europe, the Middle East and the Asia-Pacific region. Additional information on The Shaw Group is available at www.shawgrp.com.

The Private Securities Litigation Reform Act of 1995 provides a "safe harbor" for certain forward-looking statements. The statements contained herein that are not historical facts (including without limitation statements to the effect that the Company or its management "believes," "expects," "anticipates," "plans," or other similar expressions) and statements related to revenues, earnings, backlog, or other financial information or results are forward-looking statements based on the Company's current expectations and beliefs concerning future developments and their potential effects on the Company. There can be no assurance that future developments affecting the Company will be those anticipated by the Company. These forward-looking statements involve significant risks and uncertainties (some of which are beyond our control) and assumptions and are subject to change based upon various factors. Should one or more of such risks or uncertainties materialize, or should any of our assumptions prove incorrect, actual results may vary in material respects from those projected in the forward-looking statements. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events or otherwise. A description of some of the risks and uncertainties that could cause actual results to differ materially from such forward-looking statements can be found in the Company's reports and registration statements filed with the Securities and Exchange Commission, including its Form 10-K and Form 10-Q reports, and on the Company's web-site under the heading "Forward-Looking Statements". These documents are also available from the Securities and Exchange Commission or from the Investor Relations department of Shaw. For more information on the company and announcements it makes from time to time on a regional basis visit our web site at www.shawgrp.com.

    CONTACT: The Shaw Group Inc.
             Chris D.Sammons, 225-932-2546
    SOURCE: The Shaw Group Inc.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding SHAW GROUP INC's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.


Additional Information

Calendar of Events

Presentations

Archived News Releases


IR Services

Receive E-mail Alerts

Request Information

Contacts

Job Search Photo